17TH Nigerian Economic Summit , Abuja Nigeria: NOvember 10-12 Abuja

NEWS RELEASE 

1 October 2011

17TH Nigerian Economic Summit , Abuja Nigeria

Lagos, Nigeria , October 1, 2011 –

The 17th Nigerian Economic Summit (NES17) will be hosted at the Transcorp Hilton Hotel, Abuja from November 10 – 12, 2011 by the Nigerian Economic Summit Group (NESG) in partnership with the National Planning Commission (NPC). The Summit will represent the first major interaction of the local and the global business communities on Nigerian soil since the assumption of office of President Goodluck Jonathan following globally acclaimed free elections earlier in April.

An array of global chief executives and business leaders have already indicated interest to attend the Summit .

Theme of this year’s Summit is Attracting Foreign Direct Investment through Global Partnerships.

In a joint statement announcing the summit, Director General of the NESG, Mr. Frank Nweke Jr and the Honorable Minister for National Planning, Dr Shamsuddeen Usman said “This gathering will provide a window for investors to leverage business opportunities which abound as a result of the infrastructure deficits in electric power, roads, rail, aviation, ICT and a strong commitment by the President Goodluck Jonathan administration to carry through ongoing reforms across all sectors of the national economy including financial services, solid minerals and agricultural sectors.”

The objective is to present the abundant possibilities within Nigeria ’s economic system and the opportunities that exist to forge global partnerships between local and foreign investors. Alongside, will be the private sector players, ready to encourage and or consummate deals by presenting opportunities for which partnerships will serve as the structure for execution.

Nigeria is Africa’s largest market with an estimated population of 160 million people and ~15% of Africa’s GDP, projected to become the largest economy in Africa, ahead of South Africa by 2025 according to investment bankers, Morgan Stanley.

Speaking further Dr Usman said the Summit will also“agree what policy changes will attract strong global currencies, what actions will make people leave their country to make things happen in ours, what opportunities will be too difficult to ignore, what incentives will attract the right technology and skills; what changes will work for our mutual benefit and what disincentives must be expunged from our economic system.”

Reinforcing the important need for global business to attend the 17th summit, Mr Nweke reminded that in 2007, Jim O’Neil and his colleagues at Goldman Sachs identified the Next 11, a group of countries including Nigeria, Mexico, turkey, Philippines, Iran, Indonesia, Vietnam, Egypt, Bangladesh and Pakistan, with large populations, fast and growing markets, rising incomes and economic activities with potential to have BRICs-like impact on the global economy. The contribution of N-11 to incremental demand was projected to exceed the G7 in 2033 and to double it by 2050 according to the Goldman Sachs study.

Nigeria is one of such countries and projected to become one of the 20 largest economies by 2025 and one of the 10 largest by 2050, ahead of France , Canada , Italy and Korea if like other N-11 countries it stays on the path of reforms and transforms its economic system. Jeffrey Sachs as recent as May 2011 expressed the view that Nigeria may join the BRICs within 10years given recent growth performance.

The IMF had forecast a 5.9 percent GDP growth for Nigeria in 2011 but September figures from Nigeria ’s national bureau of statistics reported an amazing 7.3 percent GDP growth rate for the third quarter of 2011. There is evidence that in spite of the impact of the global crisis on the advanced economies, growth in the N -11 have remained strong and companies in the developed world which  managed any positive growth since the crisis are those with in-roads and presence  in emerging economies, including Nigeria , Nweke said further.

The 17th summit has been structured to include a Presidential Policy dialogue with Nigeria ’s President Jonathan and global CEOs of some of the world’s largest corporations from Europe to Asia, the Americas , the Middle East and Africa . Other sessions will focus on Nigeria’s Place in the global economy as well as Nigeria’s Economic and Investment Agenda. These sessions will feature Chief Executive Officers of leading Corporations and Multilateral agencies.

Some Governors of Nigeria’s 36 states will make presentations on the opportunities in their states while Cabinet Ministers will make sectoral presentations after which there will be opportunity for private meetings between investors, local partners and top government officials.

In his concluding remarks at a recent gathering Mr Nweke stressed that with the heightened risk of a double dip recession of the global economy, Nigeria as an emerging economy is well positioned as a source of new and sustainable growth for corporations and investors to expand their business frontiers, growth and profitability in Africa’s largest market as growth slides in the advanced economies.

The NESG was established in 1993 by Nigeria’s business leaders representing Telecoms, Agriculture, Petrochemicals, Oil & Gas, Banking and Finance, the Professions, Insurance, ICT and Manufacturing to promote the adoption of policies conducive to good governance and the sustainable development of a private sector driven, globally competitive economy.

Its annual summits, organized in collaboration with the National Planning Commission  is usually a high level gathering of the President and Vice President, foreign dignitaries, state governors, cabinet ministers, legislators and chief executive officers of leading private companies, civil society and emerging leaders.

For further enquiries please contact Achilleus-Chud Uchegbu on achilleus.uchegbu@nesgroup.org or 08023030366, 08182379505